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    2628   CNE1000002L3

CHINA LIFE INSURANCE COMPANY LIMITED

(2628)
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China Life Insurance : SUMMARY OF SOLVENCY QUARTERLY REPORT OF INSURANCE COMPANY NOTE (SECOND QUARTER OF 2021) (Form 6-K)

08/25/2021 | 02:41pm EDT

SUMMARY OF SOLVENCY QUARTERLY REPORT OF

INSURANCE COMPANY NOTE

(SECOND QUARTER OF 2021)

1.

BASIC INFORMATION

(1)

Basic Information of the Company

Name of the Company in Chinese: 中國人壽保險股份有限公司
Name of the Company in English: China Life Insurance Company Limited
Legal Representative: Wang Bin
Registered Address: 16 Financial Street, Xicheng District, Beijing, P.R. China
Business Scope: life, health, accident and other types of personal insurance businesses; reinsurance of the personal insurance businesses; funds management business permitted by national laws and regulations or approved by the State Council; personal insurance services, consulting and agency businesses; sale of securities investment funds; other businesses approved by the national insurance regulatory departments.
Business Area: the People's Republic of China, for the purpose of this report, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan region (the 'PRC')

Notes:

1.

This summary of solvency quarterly report is prepared in accordance with the 'Regulatory Rules of Solvency of Insurance Companies (No. 1-17)' issued by the former China Insurance Regulatory Commission.

2.

According to the 'Plan for Institutional Reform of the State Council' voted and passed at the first meeting of the 13th National People's Congress of the PRC, the China Banking and Insurance Regulatory Commission (the 'CBIRC') has been formed through the consolidation of the duties and responsibilities of both the China Banking Regulatory Commission and the China Insurance Regulatory Commission, and such two commissions will no longer exist. The CBIRC has officially been put into operation since April 8, 2018.

1

(2)

Shareholding Structure, Shareholders and Their Changes

1)

Shareholding Structure

Unit: Ten thousand shares or RMB ten thousand

Category

At the beginning of the period Changes in the number of shares or shareholding
percentage during the period
At the end of the period
Shares or
capital
contribution
Percentage (%) Capital
injection by
shareholders
Capital reserve
transfer and
distribution of

dividend
Equity
transfer
Sub-total Shares or
capital
contribution
Percentage (%)

RMB ordinary shares

2,082,353 73.67 - - - - 2,082,353 73.67

Overseas listed foreign shares

744,118 26.33 - - - - 744,118 26.33

Total

2,826,471 100.00 - - - - 2,826,471 100.00
Note:

Currently, there is no feature in the shareholders' information enquiry platform that can track down the type of shareholders according to the classification of 'state-owned shares, corporate legal shares, foreign invested shares and natural person shares'. As such, the above information is presented by the Company based on the shareholding structure as disclosed in its annual report.

2)

Effective Controller

The effective controller of the Company is the Ministry of Finance of the PRC. As at the end of the reporting period, the equity and controlling relationship between the Company and its effective controller is set out below:

2

3)

Top Ten Shareholders (in the descending order of their shareholding percentage in the Company as at the end of the period)

Unit: Ten thousand shares or RMB ten thousand

Name of shareholder

Type of shares

Changes in the
number of shares

held by the
shareholder or the
amount of capital
contribution

during the period
Number of shares
held by the
shareholder or the
amount of capital
contribution as

at the end
of the period
Shareholding
percentage
as at the end

of the period
Number of shares
pledged or frozen

China Life Insurance (Group) Company

State-owned shares 0 1,932,353 68.37 % 0

HKSCC Nominees Limited

Foreign shares 12 732,921 25.93 % 0

China Securities Finance Corporation Limited

State-owned shares 0 70,824 2.51 % 0

Central Huijin Asset Management Limited

State-owned shares 0 11,972 0.42 % 0

Hong Kong Securities Clearing Company Limited

Foreign shares -172 5,004 0.18 % 0

China Universal Asset Management Co., Ltd - Industrial and Commercial Bank of China Limited - China Universal - Tianfu Bull No. 53 Asset Management Plan

Other 0 1,502 0.05 % 0

Industrial and Commercial Bank of China Limited - SSE 50 Exchange Traded Index Securities Investment Fund

Other 110 1,111 0.04 % 0

Guosen Securities Co., Ltd. - Founder Fubon CSI Insurance Theme Index Security Investment Fund

Other 621 1,039 0.04 % 0

China International Television Corporation

State-owned shares 0 1,000 0.04 % 0

China National Nuclear Corporation

State-owned shares 0 895 0.03 % 0

Total

- 571 2,758,621 97.61 % 0

Notes:

1.

The figures shown in the columns of 'Changes in the number of shares held by the shareholder or the amount of capital contribution during the period' and 'Number of shares held by the shareholder or the amount of capital contribution as at the end of the period' in this table refer to the number of shares held (Unit: Ten thousand shares).

2.

Due to the impact of the difference derived from rounding, there may be a difference between the total number of 'Shareholding percentage as at the end of the period' and the sum of the shareholding percentage of the top ten shareholders.

3

Details of shareholders 1.

HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. Since the relevant regulations of The Stock Exchange of Hong Kong Limited do not require such persons to declare whether their shareholdings are pledged or frozen, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen.

2. China Universal Asset Management Co., Ltd - Industrial and Commercial Bank of China Limited - China Universal - Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited - SSE 50 Exchange Traded Index Securities Investment Fund has Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the 'Measures for the Administration of the Takeover of Listed Companies' among the top ten shareholders of the Company.
(3)

Subsidiaries, Joint Ventures and Associated Corporations

Unit: Ten thousand shares or RMB ten thousand

Company name

Type of
company
Number of shares held or cost
(Ten thousand shares or RMB ten thousand)
Shareholding percentage
At the
beginning

of the period
At the end
of the
period
Change in
amount
At the
beginning

of the period
At the end
of the period
Change in
percentage

1

China Life (Suzhou) Pension and Retirement Investment Company Limited Subsidiary 199,065 199,065 0 100.00 % 100.00 % 0.00 %

2

China Life Pension Company Limited Subsidiary 240,518 240,518 0 70.74 % 70.74 % 0.00 %

3

China Life Asset Management Company Limited Subsidiary 240,000 240,000 0 60.00 % 60.00 % 0.00 %

4

Shanghai Rui Chong Investment Co., Limited Subsidiary 680,000 680,000 0 100.00 % 100.00 % 0.00 %

4

Company name

Type of
company
Number of shares held or cost
(Ten thousand shares or RMB ten thousand)
Shareholding percentage
At the
beginning

of the period
At the end
of the
period
Change in
amount
At the
beginning

of the period
At the end
of the period
Change in
percentage

5

Golden Phoenix Tree Limited Subsidiary 12 12 0 100.00 % 100.00 % 0.00 %

6

New Aldgate Limited Subsidiary 116,813 116,813 0 100.00 % 100.00 % 0.00 %

7

CL Hotel Investor, L.P. Subsidiary 18,967 28,513 9,546 100.00 % 100.00 % 0.00 %

8

Glorious Fortune Forever Limited Subsidiary 0 0 0 100.00 % 100.00 % 0.00 %

9

Fortune Bamboo Limited Subsidiary 243,488 243,488 0 100.00 % 100.00 % 0.00 %

10

Golden Bamboo Limited Subsidiary 199,288 199,288 0 100.00 % 100.00 % 0.00 %

11

Sunny Bamboo Limited Subsidiary 187,565 187,565 0 100.00 % 100.00 % 0.00 %

12

China Life (Beijing) Health Management Company Limited Subsidiary 153,000 153,000 0 100.00 % 100.00 % 0.00 %

13

Ningbo Meishan Bonded Port Area Guo Yang Guo Sheng Investment Partnership (Limited Partnership) Subsidiary 283,500 283,500 0 89.997 % 89.997 % 0.00 %

14

Ningbo Meishan Bonded Port Area Bai Ning Investment Partnership (Limited Partnership) Subsidiary 168,000 168,000 0 99.98 % 99.98 % 0.00 %

15

Shanghai Yuan Shu Yuan Jiu Investment Management Partnership (Limited Partnership) Subsidiary 57,100 57,100 0 99.98 % 99.98 % 0.00 %

16

Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership) Subsidiary 57,100 57,100 0 99.98 % 99.98 % 0.00 %

17

Shanghai Wansheng Industry Partnership (Limited Partnership) Subsidiary 402,400 402,400 0 99.98 % 99.98 % 0.00 %

18

Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) Subsidiary 53,256 53,256 0 99.98 % 99.98 % 0.00 %

19

Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) Subsidiary 53,256 53,256 0 99.98 % 99.98 % 0.00 %

20

CBRE Global Investors U.S. Investment I, LLC Subsidiary 411,086 411,086 0 99.99 % 99.99 % 0.00 %

21

China Life Guangde (Tianjin) Equity Investment Fund Partnership (Limited Partnership) Subsidiary 29,451 29,451 0 99.95 % 99.95 % 0.00 %

5

Company name

Type of
company
Number of shares held or cost
(Ten thousand shares or RMB ten thousand)
Shareholding percentage
At the
beginning

of the period
At the end
of the
period
Change in
amount
At the
beginning

of the period
At the end
of the period
Change in
percentage

22

Beijing China Life Pension Industry Investment Fund (Limited Partnership) Subsidiary 900 900 0 99.90 % 99.90 % 0.00 %

23

China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) Subsidiary 338,350 636,600 298,250 99.99 % 99.99 % 0.00 %

24

Annoroad Gene Technology (Beijing) Co., Ltd.
Associated
corporation

25,000 25,000 0 13.09 % 13.09 % 0.00 %

25

China Life Property and Casualty Insurance Company Limited
Associated
corporation

600,000 600,000 0 40.00 % 40.00 % 0.00 %

26

China Guangfa Bank Co., Ltd.
Associated
corporation

860,063 860,063 0 43.69 % 43.69 % 0.00 %

27

COFCO Futures Company Limited
Associated
corporation

29,617 29,617 0 35.00 % 35.00 % 0.00 %

28

Sino-Ocean Group Holding Limited
Associated
corporation

225,346 225,346 0 29.59 % 29.59 % 0.00 %

29

Shanghai Jinshida Winning Software Technology Co., Limited
Associated
corporation

19,200 19,200 0 18.31 % 18.31 % 0.00 %

30

Sinopec Sichuan to East China Gas Pipeline Co., Ltd.
Associated
corporation

2,000,000 2,000,000 0 43.86 % 43.86 % 0.00 %

31

China United Network Communications Limited
Associated
corporation

2,180,141 2,180,141 0 10.29 % 10.29 % 0.00 %

32

GLP Guoyi (Zhuhai) Acquisitions Fund (Limited Partnership)
Associated
corporation

687,845 730,070 42,225 81.63 % 81.63 % 0.00 %

33

China Power Investment Nuclear Power Co., Ltd.
Associated
corporation

800,000 800,000 0 26.76 % 26.76 % 0.00 %

34

AVIC Investment Holding Limited
Associated
corporation

600,000 600,000 0 16.70 % 16.70 % 0.00 %

35

Wonders Information Co., Ltd.
Associated
corporation

329,828 329,828 0 18.21 % 18.21 % 0.00 %

36

CCB Trust Sharing No. 9 Urbanization Investment Private Equity Fund
Associated
corporation

100,000 100,000 0 24.89 % 24.89 % 0.00 %

6

Company name

Type of
company
Number of shares held or cost
(Ten thousand shares or RMB ten thousand)
Shareholding percentage
At the
beginning

of the period
At the end
of the
period
Change in
amount
At the
beginning

of the period
At the end
of the period
Change in
percentage

37

Nanning China Life Shenrun Investment Development Fund Partnership (Limited Partnership) Joint
venture
378,000 378,000 0 60.00 % 60.00 % 0.00 %

38

China Life (Sanya) Health Investments Co., Ltd. Joint
venture
30,600 30,600 0 51.00 % 51.00 % 0.00 %

39

RXR 1285 Holdings JV LLC Joint
venture
136,473 136,473 0 51.55 % 51.55 % 0.00 %

40

Beijing China Life Communications Construction City Development Investment Fund (Limited Partnership) Joint
venture
1,396,130 1,396,130 0 49.9999 % 49.9999 % 0.00 %

41

China Life Haikong (Hainan) Healthy Investment Co., Ltd. Joint
venture
10,200 10,200 0 51.00 % 51.00 % 0.00 %

42

China Life Vanke No. 1 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership) Joint
venture
19,500 19,500 0 59.82 % 59.82 % 0.00 %

43

China Life Vanke No. 2 (Jiaxing) Health Pension Industrial Investment Partnership (Limited Partnership) Joint
venture
19,500 19,500 0 59.82 % 59.82 % 0.00 %

44

China Life Qiaocheng (Shenzhen) Investment Partnership (Limited Partnership) Joint
venture
913,968 913,968 0 84.99 % 84.99 % 0.00 %

45

Shandong New and Old Kinetic Energy Conversion China Life High-end Equipment Equity Investment Fund Partnership (Limited Partnership) Joint
venture
1,000 1,000 0 79.00 % 79.00 % 0.00 %

46

China Life (Jiangsu) Jiequan Health Industry Investment Fund (Limited Partnership) Joint
venture
35,400 91,200 55,800 60.00 % 60.00 % 0.00 %
Note:

The figures shown in the 'Number of shares held or cost' column under items numbered 1, 4-25 and 29-46 in this table refer to the amount of investment cost (Unit: RMB ten thousand).

7

(4)

Basic Information of the Directors, Supervisors and Senior Management

1)

Basic Information of the Directors

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Approval
document No. for
job qualification

Positions and

part-time jobs held in
affiliates and other entities

Key working experience in
the recent five years

Wang Bin November 1958 Doctoral degree in Economics Since December 3, 2018 Chairman, Executive Director Yin Bao Jian Fu (2018) No. 322

Chairman of China Life Insurance (Group) Company

Mr. Wang became an Executive Director and the Chairman of the Company in December 2018. He has been the Chairman and the Secretary to the Party Committee of China Life Insurance (Group) Company since August 2018. From March 2012 to August 2018, he served as the Chairman and the Secretary to the Party Committee of China Taiping Insurance Group Ltd.

Director of China Shimao Investment Company Limited

Director of China World Trade Center Limited

Chairman of China Guangfa Bank Co., Ltd.

Director of China Eastern Airlines Group Co. Ltd.

Honorary Chairman of Insurance Industry Association of China

Vice-chairman of China Finance Society
Su Hengxuan February 1963 Doctoral degree in Management Since December 20, 2018 Executive Director

Yin Bao Jian Xu Ke (2018)

No. 562

Vice President of China Life Insurance (Group) Company

Mr. Su became an Executive Director of the Company in December 2018. He has been the President of the Company since April 2019, and

the Vice President of China Life Insurance (Group) Company since December 2017. He was the President of China Life Pension Company Limited from March 2015 to February 2018.

CPPCC member of Xicheng District, Beijing

Director of China Life Asset Management Company Limited

Director of China Life Pension Company Limited

Director of China Life Property and Casualty Insurance Company Limited

Director of China Guangfa Bank Co., Ltd.

8

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Approval
document No. for
job qualification

Positions and

part-time jobs held in
affiliates and other entities

Key working experience in
the recent five years

Li Mingguang July 1969

Master's degree in Economics,

EMBA for the senior management

Since August 16,

2019

Executive Director

Jing Yin Bao Jian Fu (2019)

No. 635

Executive Director of the China Association of Actuaries

Chief Actuary of China Life Pension Company Limited

Mr. Li became an Executive Director of the Company in August 2019.

He has been the Board Secretary of the Company since June 2017, the Vice President of the Company

since November 2014 and the Chief Actuary of the Company since March

2012.

Yuan Changqing September 1961 Master's degree in Business Administration Since February 11, 2018 Non- executive Director Bao Jian Xu Ke (2018) No. 196

Vice Chairman and President of China Life Insurance (Group) Company

Chairman of China Life Asset Management Company Limited

Chairman of China Life Property and Casualty Insurance Company Limited

Director of China Shimao Investment Company Limited

Director of China World Trade Center Limited

Vice Chairman of the China Chamber of International Commerce

Honorary Chairman of China Life Foundation

Vice Chairman of the National Association of Financial Market Institutional Investors

Mr. Yuan became a Non-executive Director of the Company in February 2018. He is the Vice Chairman,

President and Deputy Secretary to the Party Committee of China Life Insurance (Group) Company.

Mr. Yuan served as the Chairman of the Supervisory Committee and the Deputy Secretary to the Party Committee of Agricultural Bank of China Limited from April 2015 to May 2017.

9

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Approval
document No. for
job qualification

Positions and

part-time jobs held in
affiliates and other entities

Key working experience in
the recent five years

Wang Junhui July 1971 Doctoral degree in Finance

Since August 16,

2019

Non- executive Director

Jing Yin Bao Jian Fu (2019)

No. 635

Chief Investment Officer of China Life Insurance (Group) Company

President of China Life Asset Management Company Limited

Director of China Life Insurance (Overseas) Company Limited

Director of China Life Property and Casualty Insurance Company Limited

Chairman of China Life AMP Asset Management Company Limited

Chairman of Binhai (Tianjin) Financial Assets Trade Center Co., Ltd.

Director of China United Network Communications Limited

Mr. Wang became a Non-executive Director of the Company in August 2019. He has been the Chief Investment Officer of China Life Insurance (Group) Company and the President of China Life Asset Management Company Limited since August 2016. He has been a Director of China Life Insurance (Overseas) Company Limited since June 2020, the Chairman of China Life Franklin Asset Management Company Limited since September 2016, and the Chairman of China Life AMP Asset Management Company Limited

since December 2016. From 2004 to 2016, he served as an Assistant to the President and the Vice President of China Life Asset Management Company Limited, and the President of China Life Investment Holding Company Limited.

Robinson Drake Pike October 1951 Master's degree in Economics

Since July 11,

2015

Independent Director Bao Jian Xu Ke (2015) No. 718 Chairman of Yale-China Association Mr. Pike became an Independent Director of the Company in July 2015.

10

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Approval
document No. for
job qualification

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Tang Xin September 1971 Doctoral degree in Law

Since March 7,

2016

Independent Director Bao Jian Xu Ke (2016) No. 150 Member of the Listing Committee of the Shanghai Stock Exchange Mr. Tang became an Independent Director of the Company in March 2016.
Chairman of the Independent Director Committee of the China Association for Public Companies
Independent Director of Harvest Fund Management Co., Ltd.
Independent Director of Bank of Guizhou Co., Ltd.
External Supervisor of Beijing Rural Commercial Bank Co., Ltd.
Leung Oi-Sie Elsie April 1939 Master's degree in Law

Since July 20,

2016

Independent Director Bao Jian Xu Ke (2016) No. 717 Consultant of Iu, Lai & Li Solicitors & Notaries Ms. Leung became an Independent Director of the Company in July 2016.
Consultant of Fok Ying Tung Ming Yuan Development Company Limited
Independent Non-executive Director of China Resources Power Holdings Company Limited
Independent Non-executive Director of PetroChina Company Limited
Lam Chi Kuen April 1953 Higher Diploma in Accounting

Since June 29,

2021

Independent Director Yin Bao Jin Fu (2021) No. 503 Independent Non-executive Director of China Cinda Asset Management Co., Ltd. Mr. Lam became an Independent Director of the Company in June 2021.
Independent Non-executive Director of Luks Group (Vietnam Holdings) Company Limited

11

2)

Basic Information of the Supervisors

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Jia Yuzeng June 1962 Master's degree in Business Administration

Since July 11,

2018

Chairman of the Board of Supervisors

Yin Bao Jian Xu Ke (2018)

No. 562

Executive Director of the Insurance Society of China

Director of China Insurance Security Fund Co., Ltd.

Mr. Jia became the Chairman of the Board of Supervisors of the Company in July 2018. From 2013 to 2018,

he served as the Vice President and the Board Secretary of China Life

Pension Company Limited.

Han Bing November 1971 Bachelor's degree in Economics

Since July 12,

2019

Supervisor

Jing Yin Bao Jian Fu (2019)

No. 492

Secretary to the Discipline Inspection Committee and a member of the Party Committee of China Life Investment Management Company Limited

Mr. Han became a Supervisor of the Company in July 2019. He served as the General Manager of the Human Resources Department of the Company from December 2018 to June 2021, and the General Manager of the Human Resources Department of China Life Pension Company Limited from March 2016 to December 2018. During the period from 2014 to 2016, he successively served as the Deputy General Manager of Ningbo Branch, and the Deputy General Manager of Tibet Autonomous Region Branch of the

Company.

12

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Cao Qingyang May 1963 Doctoral degree in Economics

Since July 12,

2019

Employee Representative Supervisor

Jing Yin Bao Jian Fu (2019)

No. 492

Mr. Cao became a Supervisor of the Company in July 2019. He has been the General Manager of the Product Development Department of the Company since February 2011.
Wang Xiaoqing October 1965 Bachelor's degree in Engineering Since December 27, 2019 Employee Representative Supervisor

Jing Yin Bao Jian Fu (2019)

No. 1110

Ms. Wang became a Supervisor of the Company in December 2019. She has been the General Manager of the Risk Management Department of the Company since July 2020. She served as the Deputy General Manager of the Risk Management Department of the Company from April 2018 to July 2020, and the Secretary to the Discipline Inspection Committee of Tibet Autonomous Region Branch of the Company from May 2016 to April 2018. From 2010 to 2016, she successively served as an Assistant to the General Manager and the Deputy General Manager of the County Insurance Department, and the Deputy General Manager of the Audit

Department of the Company.

13

3)

Basic Information of the Senior Management of the Head Office

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Huang Xiumei June 1967 Bachelor's degree Since May 2020 Vice President, Person in Charge of Finance

Jing Yin Bao Jian Fu (2020)

No. 232

Jing Yin Bao Jian Fu (2020)

No. 261

Director of Sino-Ocean Group Holding Limited

Director of China Life Franklin Asset Management Company Limited

Director of China Life Asset Management Company Limited

Director of China Life Pension Company Limited

Ms. Huang became the Vice President and the Person in Charge of Finance of the Company in May 2020. She has been a Director of China Life Pension Company Limited since July 2018. She served as the Vice President,

the Board Secretary and the Person in Charge of Finance of China Life Pension Company Limited from 2016 to 2020, and the Financial Controller and the General Manager of the

Financial Management Department of the Company from 2014 to 2016.

Ruan Qi July 1966 EMBA for the senior management Since April 2018 Vice President

Yin Bao Jian Xu Ke (2018)

No. 63

Mr. Ruan became the Vice President of the Company in April 2018. He served as the Chief Information Technology Officer of the Company from January 2018 to April 2018. He served as the Chief Information Technology Officer and the General Manager (at the general manager level of the provincial branches) of the Information Technology Department of the Company from October 2016 to January 2018, and the General Manager (at the general manager level of the provincial branches) of the Information Technology Department of the Company from March 2016 to

October 2016.

14

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Positions and

part-time jobs held in affiliates
and other entities

Key working experience in the
recent five years

Zhan Zhong July 1968 Bachelor's degree in Engineering Since July 2019 Vice President

Jing Yin Bao Jian Fu (2019)

No. 493

Mr. Zhan became the Vice President of the Company in July 2019. He served as the Marketing Director of the Company from August 2017 to July 2019, and the General Manager of the Individual Insurance Sales Department of the Company from July 2014 to August 2019. He served as an Employee Representative Supervisor of the Company from July 2015 to August 2017.
Yang Hong February 1967 EMBA for the senior management Since July 2019 Vice President

Jing Yin Bao Jian Fu (2019)

No. 493

Ms. Yang became the Vice President of the Company in July 2019. She served as the Operation Director of the Company from March 2018 to July 2019, and the General Manager of the Operation and Service Center of the Company from January 2018 to August 2019. She successively served as the Deputy General Manager (responsible for daily operations) and General Manager of the Research and Development Center, the General Manager (at the general manager level of the provincial branches)

of the Business Management

Department, and the General Manager (at the general manager level of the provincial branches) of the Business Process Management Department of the Company from 2011 to 2018.

Zhao Guodong November 1967 Bachelor's degree Since October 2019 Assistant to the President

Jing Yin Bao Jian Fu (2019)

No. 851

Mr. Zhao became an Assistant to the President in October 2019. He has been the General Manager of Jiangsu Branch of the Company since July 2018. During the period from 2016 to 2018, he successively served as the Deputy General Manager (responsible for daily operations) and the General Manager of Chongqing Branch,

and the General Manager of Hunan Branch of the Company. From 2007 to 2016, he successively served as the Deputy General Manager of Fujian Branch and the Deputy General Manager of Hunan Branch of the Company.

15

Name

Month and
year of birth

Academic
qualification
(degree)

Commencement
date

Position

Approval
document No. for
job qualification

Positions and

part-time jobs held in
affiliates and other entities

Key working experience in
the recent five years

Liu Yuejin April 1967 Bachelor of Economics Since June 2021 Assistant to the President Yin Bao Jian Fu (2021) No. 445

Mr. Liu became an Assistant to the President in June 2021. He has been the General Manager of Guangdong Branch of the Company since March 2020. During the period from November 2017 to March 2020, he served as the General Manager of Chongqing Branch of the Company. From 2012 to 2017, he successively served as the Deputy General Manager of Shanxi Branch and the

Deputy General Manager (responsible for daily operations) and the General Manager of Guizhou Branch of the Company.

Xu Chongmiao October 1969 Doctoral degree in Law Since July 2018 Compliance Officer

Yin Bao Jian Xu Ke (2018)

No. 593

Mr. Xu became the Compliance Officer of the Company in July 2018. He has been the General

Manager of the Legal and Compliance Department and the Legal Officer of the Company since September 2014.

Yang Chuanyong March 1963 EMBA for the senior management Since December 2020 Person in Charge of Audit

Jing Yin Bao Jian Fu (2020)

No. 993

Chairman of the Supervisory Committee of Wonders Information Co., Ltd.

Mr. Yang became the Person in Charge of Audit of the Company in December 2020. He has been the Chairman of the Supervisory

Committee of Wonders Information Co., Ltd. since May 2021. From 2012 to 2021, he successively served as the General Manager of the Legal and Compliance Department, the Director of the Office of the Company, the General Manager of Guangxi Zhuang Autonomous Region Branch, and

the General Manager of the Audit Department of the Company.

16

Notes:

1.

All information set forth in this table is as at the end of the reporting period, and this table only provides the basic information of the senior management officers of the Head Office who are not Directors or Supervisors. For details of other senior management officers of the Head Office, please refer to the tables under the basic information of the Directors and Supervisors.

2.

The changes of the Directors, Supervisors and senior management during the reporting period and as at the disclosure date of this report:

1)

Upon approval by the CBIRC, Mr. Lam Chi Kuen became an Independent Director of the Company on June 29, 2021, and Mr. Chang Tso Tung Stephen ceased to serve as an Independent Director of the Company on the same day.

2)

Following the approval by the shareholders of the Company at the 2020 annual general meeting held on June 30, 2021 (the 'AGM'), Ms. Huang Xiumei became an Executive Director of the Company on July 1, 2021.

3)

Following the approval by the shareholders of the Company at the AGM, Mr. Wu Shaohua and Mr. Sheng Hetai have been elected as Non-executive Directors of the Company, and Mr. Zhai Haitao has been elected as an Independent Director of the Company. The qualifications of Mr. Wu Shaohua, Mr. Sheng Hetai and Mr. Zhai Haitao as Directors are subject to the approval of the CBIRC.

4)

Following the approval by the shareholders of the Company at the AGM, Mr. Niu Kailong has been elected as a Non-employee Representative Supervisor of the Company. His qualification as a Supervisor is subject to the approval of the CBIRC.

5)

The Company held the sixth extraordinary meeting of the third session of the employee representative meeting on July 29, 2021, at which Mr. Lai Jun was elected as an Employee Representative Supervisor of the seventh session of the Board of Supervisors of the Company. The qualification of Mr. Lai Jun as a Supervisor is subject to the approval of the CBIRC.

6)

Upon approval by the CBIRC, Mr. Liu Yuejin became an Assistant to the President of the Company in June 2021.

3.

The remuneration of the Directors, Supervisors and the senior management of the Head Office:

Nil for this quarter.

17

(5)

Contact Person and Contact Information with Respect to the Public Disclosure of Solvency Information

Name of Contact Person: He Zheng
Office Phone Number: 010-63631371
Fax Number: 010-66575722
E-mail: c-rossinfo@e-chinalife.com
2.

KEY INDICATORS

Unit: RMB ten thousand

Items

Figures of the
Current Quarter
Figures of the
Preceding Quarter

Core solvency surplus

64,318,604.15 66,039,537.74

Core solvency ratio

259.03 % 266.35 %

Comprehensive solvency surplus

67,819,309.96 69,538,791.53

Comprehensive solvency ratio

267.69 % 275.16 %

Gross written premiums

11,840,713.23 32,389,191.80

Net profit

1,069,847.59 2,895,477.46

Net asset

46,938,797.46 46,750,235.88
Note:

Gross written premiums, net profit and net asset are prepared in accordance with the China Accounting Standards for Business Enterprises.

As at the disclosure date of this summary, the result of the integrated risk rating of the Company in the recent quarter (being the first quarter of 2021) was A Category.

18

3.

ACTUAL CAPITAL

Unit: RMB ten thousand

Items

Figures of the
Current Quarter
Figures of the
Preceding
Quarter

Admitted assets

459,971,617.68 442,289,726.48

Admitted liabilities

351,708,715.41 333,050,845.28

Actual capital

108,262,902.27 109,238,881.20

Core tier one capital

104,762,196.46 105,739,627.41

Core tier two capital

0 0

Supplementary tier one capital

3,500,705.81 3,499,253.79

Supplementary tier two capital

0 0
4.

MINIMUM CAPITAL

Unit: RMB ten thousand

Items

Figures of the
Current Quarter
Figures of the
Preceding Quarter

Minimum capital for quantitative risk

41,467,848.16 40,705,515.92

Minimum capital for life insurance risk

7,616,841.60 7,698,144.66

Minimum capital for non-life insurance risk

801,757.34 756,841.75

Minimum capital for market risk

39,338,545.45 38,651,190.14

Minimum capital for credit risk

7,210,968.95 6,986,097.82

Quantitative risk diversification effect

8,665,020.86 8,517,053.52

Loss absorption effect of special types of insurance contracts

4,835,244.31 4,869,704.94

Minimum capital for control risk

-1,024,255.85 -1,005,426.24

Additional minimum capital

0 0

Counter-cyclical additional minimum capital

0 0

Additional minimum capital for DSII

0 0

Additional minimum capital for GSII

0 0

Other additional minimum capital

0 0

Minimum capital

40,443,592.31 39,700,089.68
Note:

Due to rounding, there may be difference between the total amount and the sum of individual amounts.

19

5.

INTEGRATED RISK RATING

The Integrated Risk Rating (IRR), i.e. the classification regulation, is a regulatory exercise in which the CBIRC conducts a comprehensive analysis of and assessment on the inherent risks and control risks of insurance companies by using a risk-oriented approach and based on the relevant information, classifies such insurance companies into different regulatory categories according to their respective solvency risks, and adopts regulatory policies or measures in respect thereof accordingly.

The CBIRC conducts assessment on the IRR of the Company on a quarterly basis. The results of the IRR of the Company in the recent two quarters (being the fourth quarter of 2020 and the first quarter of 2021) were both A Category.

6.

RISK MANAGEMENT

The CBIRC conducts assessments on the solvency risk management of insurance companies on a regular basis. The CBIRC conducted an assessment of Solvency Aligned Risk Management Requirement and Assessment (SARMRA) on 35 insurance companies in 2018. According to the 'Notice Concerning the 2018 SARMRA Assessment Results' (Yin Bao Jian Cai [2018] No. 125), the Company got a score of 84.94 in the assessment and the respective scores in nine areas are as follows: 17.76 in the foundation and environment of risk management, 8.41 in the objectives and tools of risk management, 8.60 in insurance risk management, 8.65 in market risk management, 8.61 in credit risk management, 8.59 in operational risk management, 8.77 in strategic risk management, 7.34 in reputational risk management, and 8.22 in liquidity risk management.

7.

LIQUIDITY RISK

1)

Regulatory Indicators of Liquidity

Unit: RMB million

Name of Indicators

Figures of the
Current Quarter

Actual net cash flows

305,354

Comprehensive liquidity ratio

-

Comprehensive liquidity ratio within 3 months

172 %

Comprehensive liquidity ratio within 1 year

822 %

Comprehensive liquidity ratio within 1-3 years

-486 %

Comprehensive liquidity ratio within 3-5 years

2,881 %

Comprehensive liquidity ratio beyond 5 years

28 %

Overall liquidity coverage of the Company

-

Stressed scenario 1

8,111 %

Stressed scenario 2

6,859 %

20

Notes:

1.

Actual net cash flows refer to the net cash flows of the Company during the reporting period, and such figure is derived from the cash flows pressure test table of C-ROSS;

2.  Comprehensive liquidity ratio =

Expected total cash inflow of existing assets

× 100%;
Expected total cash outflow of existing liabilities
3.

Stressed scenario 1 refers to the hypothetical scenario where the premiums from signed policies decrease by 80% as compared with the corresponding period of last year, and the surrender rate assumption is twice of that in the basic scenario (but the absolute value of the surrender rate does not exceed 100%);

4.

Stressed scenario 2 refers to the hypothetical scenario where the principal and interest of 20% of the fixed income investment which will become mature during the forecasting period cannot be repaid.

2)

Analysis of Liquidity Risk and Measures Addressing Such Risk

The Company has sufficient cash flows. Pursuant to the requirements of the 'Regulatory Rules of Solvency of Insurance Companies No. 12: Liquidity Risk' and the relevant regulations, the Company has established a well-developed liquidity risk management mechanism to monitor various regulatory indicators for liquidity risk on a quarterly basis, with a view to preventing liquidity risk in an effective manner.

8.

REGULATORY MEASURES ADOPTED BY REGULATORY AUTHORITIES AGAINST THE COMPANY

During the reporting period, there were no circumstances where the CBIRC had adopted any significant regulatory measures against the Company.

By Order of the Board

China Life Insurance Company Limited

Heng Victor Ja Wei

Company Secretary

Hong Kong, August 25, 2021

As at the date of this announcement, the board of directors of the Company comprises:

Executive Directors: Wang Bin, Su Hengxuan, Li Mingguang, Huang Xiumei
Non-executive Directors: Yuan Changqing, Wang Junhui
Independent Non-executive Directors: Robinson Drake Pike, Tang Xin,
Leung Oi-Sie Elsie, Lam Chi Kuen

21

Disclaimer

China Life Insurance Co. Ltd. published this content on 25 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 August 2021 18:40:08 UTC.


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